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I know associates fresh out of LS make roughly 115-150k Any numbers on partners?

They use gold leaf toilet paper.

every penny they can steal. just like the rest of us.

Biglaw lockstep associate scale (big markets):

1st yr: $160
2nd yr: $170
3rd yr: $185
4th yr: $210
5th yr: $230
6th yr: $250
7th yr: $265
8th yr and above: $280*

*note: this is where partnership consideration generally kicks in

For partners, there are income partners and equity partners. Income partners are salaried and can make anything from about $300 (right above a junior associate) to quite a bit more ($600 and up, although thats not standard).

Equity partners make percentages of the firms income based on what business they brought into the firm. You can look PEP up for individual firms, but for the top Biglaw shops it ranges from about 4.3 million (Wachtell, of course) to a more standard 1.5 - 2 million. Equity partners obviously don't get all of that, but firms (and partners) generally are very quiet about how much the partners walk away with. They do get a substantial portion of it, though - a new equity partner, even without a substantial book, can probably expect to take home about $500k or more.

Who cares? By the time this matters to any of us, things will probably have changed.

And by changed, you mean doubled? Good info guys, another reason why BigLaw is tough to turn down.

Owning a forest of money trees

--

I look forward to someday having a stack of business cards that read, "Of Counsel."

Partnership's not for everyone

Kay777 wrote:Biglaw lockstep associate scale (big markets):

1st yr: $160
2nd yr: $170
3rd yr: $185
4th yr: $210
5th yr: $230
6th yr: $250
7th yr: $265
8th yr and above: $280*

*note: this is where partnership consideration generally kicks in

For partners, there are income partners and equity partners. Income partners are salaried and can make anything from about $300 (right above a junior associate) to quite a bit more ($600 and up, although thats not standard).

Equity partners make percentages of the firms income based on what business they brought into the firm. You can look PEP up for individual firms, but for the top Biglaw shops it ranges from about 4.3 million (Wachtell, of course) to a more standard 1.5 - 2 million. Equity partners obviously don't get all of that, but firms (and partners) generally are very quiet about how much the partners walk away with. They do get a substantial portion of it, though - a new equity partner, even without a substantial book, can probably expect to take home about $500k or more.

Amazing post. To add to the collective knowledge, I do know that there are individuals at firms not on the BIGLAW radar who make between 300-700K. That's taking into account a six figure expense to be a part of the "rent" (office space/office supplies... you get charged) as well as throwing $ into the equity of the firm. So to walk home with 500K, you've got to net much more than that...

in the context of legal representation, how does one "bring in business"

1) through reputation in a specific subset of a subfield?

2) networking with whoever makes the decisions on what firm to hire at moneyed companies?

3) traditional sales methods

4) something else altogether?

Does anyone find it ironic that as much as biglaw brings prestige and money, its the plaintiffs lawyers who are the richest lawyers out there?

Biglaw partners can charge a thousand an hour. Someone like richard scruggs can beat up a biglaw partner in court, win a huge settlement, and pretty much become close to a billionaire off of one case!

I guess it isn't as prestigious as saying u work for blah blah llp that's in the v10, but money wise, plaintiffs lawyers come closest to touching the money guys in finance make.

That being said, I think biglaw prestige can get u farther and into some elite circles, but I do find it ironic that they make so much less than elite plaintiffs lawyers.

in the context of legal representation, how does one "bring in business"

1) through reputation in a specific subset of a subfield?

2) networking with whoever makes the decisions on what firm to hire at moneyed companies?

3) traditional sales methods

4) something else altogether?
in the context of legal representation, how does one "bring in business"

1) through reputation in a specific subset of a subfield?

2) networking with whoever makes the decisions on what firm to hire at moneyed companies?

3) traditional sales methods

4) something else altogether?

Reputation probably has the most to do with it. You end up building your own book of business (i.e. clients that want to work with you over other people in the firm).

After that, I'd say lots and lots of Golf coupled with cocktail parties.

nellie06 wrote:Does anyone find it ironic that as much as biglaw brings prestige and money, its the plaintiffs lawyers who are the richest lawyers out there?

Biglaw partners can charge a thousand an hour. Someone like richard scruggs can beat up a biglaw partner in court, win a huge settlement, and pretty much become close to a billionaire off of one case!

I guess it isn't as prestigious as saying u work for blah blah llp that's in the v10, but money wise, plaintiffs lawyers come closest to touching the money guys in finance make.

That being said, I think biglaw prestige can get u farther and into some elite circles, but I do find it ironic that they make so much less than elite plaintiffs lawyers.

Um, a very, very, very, very small number of plaintiff's lawyers make this money. Everyone at at top firm makes good money. Banking on getting rich off of plaintiff's work is like betting your entire career on the roll of many hundreds of die. Someone will win, but everyone else will not be making those amounts.